合資并購常用英語

1、Documentation and Due Diligence 文件提供和 盡 職 調(diào) 查M&A in China 并購在中國Prelude 序 言Documentation and Due Diligence 文文 件件 提提 供供 和和 盡盡 職職 調(diào)調(diào) 查查A Case For Proper Documentation案 例：適 當(dāng) 提 供 文 件1DocumentationRespect for the Rule of Law in China 遵遵 守守 中中 國國 法法 律律A Gentlemans Agreement? 君君 子子 協(xié)協(xié) 定？定？Documentation

2、 mandatory under law? 提提 供供 適適 當(dāng)當(dāng) 文文 件：件： 法法 定定 義義 務(wù)？務(wù)？CRITICAL DOCUMENTS2DocumentationDocumentation is driven by deal structure:Type of TransactionAsset acquisitiontype of structuretype of target investment vehicleKey Acquisition DocumentationSale and purchase agreement (sometimes known as “asset a

3、cquisition agreement)Equity interest acquisitionSale and purchase agreement Subscription agreementEquity interest acquisition(by way of new subscription of equity interest)CRITICAL DOCUMENTS3DocumentationType of TargetInvestment VehicleWholly-owned foreign enterpriseKey Constituent DocumentationArti

4、cles of associationEquity joint venture enterpriseJoint venture contractArticles of association Co-operation joint venture enterpriseJoint venture contractArticles of association Joint stock companyArticles of association 關(guān) 鍵 文 件目標(biāo)投資機(jī)構(gòu)的類型： 外國全資企業(yè) 合資企業(yè) 合作企業(yè) 股份有限公司 關(guān)鍵章程文件：公 司 章 程合 資 合 同公 司 章 程公 司 章 程

5、關(guān) 鍵 文 件Acquisition Documentation-Essential Terms and Conditions-收購協(xié)議中的必要條款4DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”) 購購 買買 /收收 購購 協(xié)協(xié) 議議Requirements under law法法 律律 要要 求求Acquisition Documentation-Essential Terms and Conditions-收購協(xié)議中的必要條款5DocumentationSale and Purchase

6、 / Acquisition Agreement(“S&P Agreement”) 購購 買買/ 收收 購購 協(xié)協(xié) 議議What needs to be included in an S&P Agreement?收收 購購 協(xié)協(xié) 議議 的的 內(nèi)內(nèi) 容：容： v Contracting partiesv 合合 同同 締締 約約 方方v List of assetsv 資資 產(chǎn)產(chǎn) 清清 單單v Equity interestv 股股 份份 v Acquisition completion proceduresv 完完 成收成收 購購 程程 序序Acquisition Documen

7、tation-Essential Terms and Conditions收購協(xié)議中的必要條款6DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”) 購購 買買 /收收 購購 協(xié)協(xié) 議議v Rights and obligationsv 權(quán)權(quán) 利利 和和 責(zé)責(zé) 任任v Breach liquidated damages?v 約約 定定 違違 約約 賠賠 償償 金金v Dispute resolutionv 爭爭 議議 解解 決決v Date and place of executionv 執(zhí)執(zhí) 行

8、行 的的 時(shí)時(shí) 間間 和和 地地 點(diǎn)點(diǎn)Governing law? 法法 律律 適適 用？用？Acquisition Documentation-Essential Terms and Conditions-收購協(xié)議中的必要條款7DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”) 購購 買買 /收收 購購 協(xié)協(xié) 議議v Representations and Warrantiesv 陳陳 述述 和和 保保 證證 條條 款款Key Provisions in an S&P Agreemen

9、t 收收 購購 協(xié)協(xié) 議議 中中 的的 關(guān)關(guān) 鍵鍵 條條 款款A(yù)cquisition Documentation-Essential Terms and Conditions-收購協(xié)議中的必要條款8DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”) 購買協(xié)議購買協(xié)議/收購協(xié)議收購協(xié)議v Undertakingsv 承諾承諾Key Provisions in an S&P Agreement購買協(xié)議中的重要條款購買協(xié)議中的重要條款A(yù)cquisition Documentation-Esse

10、ntial Terms and Conditions-收購協(xié)議中的必要條款9DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”)購買協(xié)議購買協(xié)議/收購協(xié)議收購協(xié)議 v Asset listing in the case of asset acquisitionv 資產(chǎn)清單資產(chǎn)清單在資產(chǎn)收購的情形下在資產(chǎn)收購的情形下Key Provisions in an S&P Agreement購買協(xié)議中的重要條款購買協(xié)議中的重要條款A(yù)cquisition Documentation-Essential

11、 Terms and Conditions-收購協(xié)議中的必要條款10DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”)購買協(xié)議購買協(xié)議/收購協(xié)議收購協(xié)議v Group structure in the case of equity interest acquisitionv 集團(tuán)結(jié)構(gòu)集團(tuán)結(jié)構(gòu)在股份收購的情況下在股份收購的情況下Key Provisions in an S&P Agreement購買協(xié)議中的重要條款購買協(xié)議中的重要條款v Consideration, Payment/Cap

12、ital Injectionv 對價(jià)，支付對價(jià)，支付/注資條款注資條款 Acquisition Documentation-Essential Terms and Conditions-收購協(xié)議中的必要條款11DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”)購買購買/收購協(xié)議收購協(xié)議Key Provisions in an S&P Agreement購買協(xié)議中的重要條款購買協(xié)議中的重要條款v Indemnity / Compensation provisionsv 補(bǔ)償補(bǔ)償/賠償條款賠

13、償條款A(yù)cquisition Documentation-Essential Terms and Conditions-收購協(xié)議中的必要條款12DocumentationSale and Purchase / Acquisition Agreement(“S&P Agreement”)購買購買/收購協(xié)議收購協(xié)議Key Provisions in an S&P Agreement收購協(xié)議的重要條款收購協(xié)議的重要條款v Governing Law and Dispute Resolutionv 爭端解決和法律適用爭端解決和法律適用Acquisition Documentation-

14、Essential Terms and Conditions-收購協(xié)議中的必要條款13DocumentationSubscription Agreement(“Subscription Agreement”)增資協(xié)議增資協(xié)議Key differences between a Subscription Agreement and an S&P Agreement增資協(xié)議和購買協(xié)議的重要區(qū)別增資協(xié)議和購買協(xié)議的重要區(qū)別Establishment Documentation-Essential Terms and Conditions-公司發(fā)起的文件準(zhǔn)備- 必要條款14Documentati

15、onSino-Foreign Equity Joint Venture Contract中外合資經(jīng)營企業(yè)合同中外合資經(jīng)營企業(yè)合同Requirements under law法律要求法律要求Establishment Documentation-Essential Terms and Conditions-公司發(fā)起的文件準(zhǔn)備- 必要條款15DocumentationSino-Foreign Equity Joint Venture Contract中外合資經(jīng)營企業(yè)合同中外合資經(jīng)營企業(yè)合同Establishment Documentation-Chinese and English version

16、s-公司發(fā)起的文件準(zhǔn)備-中英文文本16DocumentationEnglish and Chinese versions - which should prevail?英文和中文文本英文和中文文本-哪份有優(yōu)先效力哪份有優(yōu)先效力？Establishment Documentation- Total Investment Amount and Registered Capital17DocumentationMandatory RatiosTotal Investment Amount US$3 millionRatio of Registered Capital toTotal Investme

17、nt Amount70% US$3 million but US$10 million50% (subject to a min. of US$2.1 million where total investment amount is less than US$4.2 million) US$10 million but US$30 million40% (subject to a min. of US$5 million where total investment amount is less than US$12.5 million) US$30 million331/3% (subjec

18、t to a min. of US$12 million where total investment amount is less than US$36 million) 17Documentation法定比例法定比例投資總額投資總額 小于等于三百萬美元小于等于三百萬美元 注冊資本占投資總額的比例注冊資本占投資總額的比例70%三百萬美元到一千萬美三百萬美元到一千萬美元之間元之間 50%（例如：當(dāng)投資總額少于例如：當(dāng)投資總額少于4。2百萬美元時(shí)，注冊資本不得少于百萬美元時(shí)，注冊資本不得少于2。1百萬美元）百萬美元） 一千萬美元到三千萬美一千萬美元到三千萬美元之間元之間 40%（例如：當(dāng)投資總額

19、少于例如：當(dāng)投資總額少于12。5百萬美元時(shí)，注冊資本不得少百萬美元時(shí)，注冊資本不得少于于5百萬美元）百萬美元） 三千萬美元以上三千萬美元以上 331/3%（例如：當(dāng)投資總額少于例如：當(dāng)投資總額少于36百萬美元時(shí)，注冊資本不得少百萬美元時(shí)，注冊資本不得少于于12百萬美元）百萬美元）公司發(fā)起的文件準(zhǔn)備- 投資總額和注冊資本Establishment Documentation-Capital Injection-公司發(fā)起的文件準(zhǔn)備-資本注入18DocumentationEstablishment Documentation-Essential Provisions-公司成立的文件準(zhǔn)備- 必要條款1

20、9DocumentationArticles of Association公司章程公司章程Provisions closely track those in the Joint Venture Contract合資經(jīng)營企業(yè)中與公司章程緊密相關(guān)的條款合資經(jīng)營企業(yè)中與公司章程緊密相關(guān)的條款Board composition and decision-making procedures董事會(huì)的組織和決策程序董事會(huì)的組織和決策程序Establishment Documentation-Sino-Foreign Co-operation Joint Venture-公司發(fā)起的文件準(zhǔn)備-中外合作企業(yè)20D

21、ocumentationSpecial Features特別之處特別之處Other Documents 其 他 文 件21DocumentationIn the context of an acquisition 在在 收收 購購 中中 的的 文文 件件 內(nèi)內(nèi) 容容v Resolutionsv 決決 議議v Audited financial reportv 財(cái)財(cái) 務(wù)務(wù) 審審 計(jì)計(jì) 報(bào)報(bào) 告告v Technical services agreement or technology transfer agreement (if relevant)v 技技 術(shù)術(shù) 服服 務(wù)務(wù) 協(xié)協(xié) 議議 或或 者者

22、 相相 關(guān)關(guān) 的的 技技 術(shù)術(shù) 轉(zhuǎn)轉(zhuǎn) 讓讓 協(xié)協(xié) 議議v Employeesv 雇雇 員員Due Diligence 盡 職 調(diào) 查22Due DiligenceDue Diligence an essential part of pre-negotiation preparation 盡盡 職職 調(diào)調(diào) 查查 談?wù)?判判 前前 準(zhǔn)準(zhǔn) 備備 的的 必必 要要 部部 分分v Why is due diligence essential?v 為為 什什 么么 必必 需需 盡盡 職職 調(diào)調(diào) 查？查？Due Diligence 盡 職 調(diào) 查23Scope of Due Diligence 盡盡 職職

23、調(diào)調(diào) 查查 的的 范范 圍圍v Due diligence can be broadly categorised into legal due diligence and financial due diligencev 盡盡 職職 調(diào)調(diào) 查查 可可 以以 廣廣 泛泛 地地 分分 為為 法法 律律 盡盡 職職 調(diào)調(diào) 查查 和和 財(cái)財(cái) 務(wù)務(wù) 盡盡 職職 調(diào)調(diào) 查查v The main focus of the legal due diligencev 法法 律律 盡盡 職職 調(diào)調(diào) 查查 的的 主主 要要 關(guān)關(guān) 注注 點(diǎn)點(diǎn)Due DiligenceDue Diligence 盡 職 調(diào) 查24Du

24、e Diligence Checklist 盡盡 職職 調(diào)調(diào) 查查 清清 單單Due DiligenceDue Diligence審慎調(diào)查25Corporate Investigations公司調(diào)查公司調(diào)查v Are these necessary and when do you obtain them?v 是否需要和何時(shí)獲得？是否需要和何時(shí)獲得？v To what extent can the reports be relied upon?v 報(bào)告在多大程度上可信？報(bào)告在多大程度上可信？v Instructing the corporate investigatorsv 公司調(diào)查的說明公司調(diào)

25、查的說明Securing Your Right to Documents and Information保證獲取文件和信息的權(quán)利保證獲取文件和信息的權(quán)利v Typical issues and difficulties facedv 典型問題和難點(diǎn)典型問題和難點(diǎn)Due DiligenceDue Diligence審慎調(diào)查26Securing Your Right to Documents and Information保證獲得文件和信息的權(quán)利保證獲得文件和信息的權(quán)利v Hiding behind the clout of confidentialityv 隱藏在機(jī)密背后的信息隱藏在機(jī)密背后的信息v When all attempts failv 當(dāng)所有的嘗試都失敗時(shí)。當(dāng)所有的嘗試都失敗時(shí)。v Beware of “back-door” qualifying of the representations and warranties through the use of Disclosure Letterv 注意到披露函中陳述與保證條款中所含的注意到披露函中陳述與保證條款中所含的“后門后門”What do you real